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How to Sell an NFT on Binance NFT Marketplace

2021-07-01 04:16
You can sell your NFTs and Mystery Boxes on the Binance NFT Marketplace using a fixed price, an Auction, or accepting buyers' offers. You can also accept payments in several different cryptocurrencies.
As a creator, you’ll also receive a 1-10% royalty payment for any subsequent trading of your NFT on the platform.
Whether you are selling an NFT you created or one in your collection, the process is similar and straightforward. The Binance team will review your submission before listing it on the Binance NFT Marketplace.

How to list an NFT?

One of the most exciting features for creators on the Binance NFT Marketplace is minting non-fungible tokens (NFTs). Although other platforms let you create NFTs, Binance is the largest crypto exchange allowing you to quickly mint non-fungible tokens.
You can create NFTs on the Binance NFT Marketplace easily. To mint an NFT, you need to create an NFT collection and get it approved first. Please note that only verified users can create NFTs on Binance, so you must complete Identity Verification before you start. In addition, you need to have at least 5 followers on your Binance NFT user profile.
For more details, please refer to How to Create Your Own NFT on Binance.
You can list an NFT you just created from the [Minting Completed] screen. Click [List NFT] and you’ll see the listing options.
Please note that descriptions can only be added when minting an NFT. It cannot be edited after the NFT is created. When you resell an NFT, you cannot edit the description.
To list an NFT/Mystery Box in your collection, go to [User Center] - [Collected].
Click on the NFT/Mystery Box and click [List NFT].
Alternatively, go to the NFT’s detail page and click [List NFT].

How to set up your NFT listing?

1. Select your sell method. Choose either [Set Price] or [Highest Bid].
  • Set Price: Buyers can purchase your NFT instantly with the price you set.
  • Highest Bid: Your NFT will be auctioned and sold to the highest bidder.
1.1 If you’re using Set Price:
Select the crypto you’d like to receive and enter the sale price of your NFT. This function also allows buyers to make offers on your NFT.
1.2 If you’re using Highest Bid:
1.2.1 Select the crypto you’d like to receive and enter the minimum bid amount for your sale. This is the price where the bidding will start. For both Fixed Price and Auction, the minimum bid price must be higher than 0.1 BUSD.
1.2.2 You may also enter your desired selling price (a buy-out price) under [Auction a Bid] (for NFT sales) or [Buy-out Price] (for Mystery Box sales). Buyers will be able to purchase the item immediately if they offer the buy-out price or when the auction reaches this price.
1.2.3 Select the minimum markup percentage. This limits the buyer’s bid to be 5%, 10%, or 20% higher than the minimum price increase.
2. You can choose to list the NFT immediately after we review your listing. It will be assessed via an automatic verification system. Please note that the review normally takes about 10 minutes.
Alternatively, select a specific time and date to list. The earliest time you can set is 12 hours after submitting the listing for review. If the review is not completed by your desired listing time, we will list your NFT immediately after approval.
3. Set the date and time for your NFT sale. The sale should last for at least 12 hours and no longer than 7 days from the time of listing.
4. The category of your NFT will be automatically applied under the same category as the collection. This can help buyers find your NFT more easily.
5. Please make sure you read and understand the fees associated with selling your NFT before clicking [Submit]. Every NFT will be assessed via an automatic verification system before it is listed to ensure it meets our standards. This process usually takes 10 minutes. Please wait patiently. You will be notified when your NFT is listed.
6. Once your NFT has been successfully listed, there will be a [Listing Completed] pop-up, as well as the option for you to share the listing on different social media channels, including Facebook, Twitter, and Telegram.
There are two types of NFT collections on Binance NFT. Premier collections are created in collaboration with Binance NFT. Standard collections are non-verified NFTs. The Binance NFT Sales Settlement Postponement Policy only applies to Standard collections.
Currently, you cannot apply for your Standard collections to be verified as Premier collections.
For an initial sale of a Standard NFT (i.e. the first time a newly minted Standard NFT is sold by the creator to a buyer), creators will be restricted from withdrawing the transaction proceeds from the sale for 10 days.
You will see a pop-up with the following message, “This item is part of the Standard Collection. Therefore, the transaction proceeds from the initial sale of this item will be subject to a 10 day clearing period. See Sales Settlement Postponement Policy for more details.”.
After the Standard NFT has been subject to the 10 day clearing period, if the sold asset(s) does not indicate a potential violation of Binance NFT’s Rules and Terms of Service, you will be able to use or withdraw the proceeds. This duration might be adjusted in the future.
If any violation has been detected, we may extend the restriction for a further period of time beyond 10 days. Learn more about Binance NFT Sales Settlement Postponement Policy for Standard NFT Collections here.
7. To view your listed NFTs or Mystery Boxes, go to [User Center] - [Collection], or if you minted the NFT, go to [User Center] - [Created].

How to sort and migrate my existing NFTs?

Binance NFT didn’t require users to select a collection for their NFTs before the NFT mint function was opened to all users. To unify the display of NFTs on the website, all the NFTs you created without a collection will be automatically combined under “(Your Nickname)’s NFT Collection”. For example, Claude Linke’s NFT Collection.
After the default collection is created, you can view it from [Created].
Please note that currently you cannot create nor add new NFTs to this collection. In the future, Binance NFT will implement a way for users to personalize and migrate their NFTs from the default collection to other collections.

How to delete or burn an NFT?

To delete or burn an NFT you own, you need to pay a fee. Please note that once deleted, your NFT cannot be recovered. In addition, Mystery Boxes cannot be deleted.
You can delete an NFT from your user profile or from an NFT detail page.
1. Click [Delete] on the NFT details page.
Alternatively, click on the trash icon on the NFT from your user profile.
2. You will see a pop-up window and the amount of burn fee. Please ensure you have a sufficient balance in your Spot Wallet.
Click [Confirm]. Please note that once deleted, your NFT cannot be recovered.
If the balance is insufficient, you can click [Deposit] to add more funds to your Spot Wallet.
3. You will see a [Delete successful!] push after the NFT is deleted.
If the process failed, you will see the below push. Please try again later.
  • When deleting an NFT, any offers made for that NFT will be automatically revoked. Users who made offers to the NFT will receive a push message.
  • The status of the deleted NFT will be marked as [Deleted]. It won’t be displayed on the NFT Marketplace or your user profile.

How to accept an NFT offer?

1. When a buyer makes an offer on your NFT or Mystery Box, you will receive a notification in the [User Center]. To check the offer, go to [Profile] - [User Center] - [Offers] and click [Offers Received].
Please note that if you receive more than 1 offer for the same item, you will only see the highest offer for each crypto.
2. To accept an offer, click [Accept].
3. Next, click [Confirm] to confirm your acceptance of the offer.